IMPORTANT BUSINESS NEWS / CURRENT AFFAIRS THURSDAY 5th JANUARY, 2023

S.# Description Pg. # Source
1. Geneva moot Pakistan seeking to generate $8bn
Pakistan is eying generating around $8 billion from the international community and donor agencies for the rehabilitation and reconstruction of the flood-affected people from the “International Conference on Climate Resilient Pakistan” scheduled to be held on January 9 in Geneva. https://epaper.brecorder.com/2023/01/05/1-page/951647-news.html
1 Business Recorder
2. There’s no shortage of wheat: govt The government while denouncing the rumours regarding a wheat shortage crisis has said that the country was expecting a bumper wheat crop during 2023 owing to favourable weather conditions and grower-friendly policies. https://epaper.brecorder.com/2023/01/05/1-page/951648-news.html 1 Business Recorder
3. Forex reserves to be propelled by ‘friends’: Dar • PTI’s ‘White Paper’ censured
Finance Minister Ishaq Dar on Wednesday claimed that friendly countries have announced their support which will help improve depleting forex reserves in the country ahead of unveiling the government’s plan to impose flood levy and tax windfall gain on exchange transactions to mobilise additional revenue. https://epaper.brecorder.com/2023/01/05/1-page/951638-news.html
1 Business Recorder
4. Ecnec approves Rs478bn uplift plans The Executive Committee of the National Economic Council (ECNEC), on Wednesday, approved over Rs478 billion in 10 development projects including the Flood Response Emergency Housing Project of Rs160 billion including a World Bank loan of US$ 500 million. https://epaper.brecorder.com/2023/01/05/1-page/951646-news.html 1 Business Recorder
5. Aluminium waste, auto-parts scrap Customs classification body imposes 30pc duty
 The customs classification committee of the Federal Board of Revenue (FBR) has imposed 30 percent customs duty on the import of aluminium waste and scrap of auto-parts’, and not zero percent duty as claimed by the importer. https://epaper.brecorder.com/2023/01/05/1-page/951640-news.html  
1 Business Recorder
6. Customs values of caustic soda revised upward Directorate General of Customs Valuation Karachi has made 35 percent increase in customs values on the import of Sodium Hydroxide (Caustic Soda) from Saudi Arabia, Kuwait, and Middle East origins, Taiwan, Korea, China and Europe. https://epaper.brecorder.com/2023/01/05/1-page/951641-news.html 1 Business Recorder
7. THE RUPEE: PKR: marginal loss Pakistan’s rupee registered a marginal loss against the US dollar on Wednesday and closed weaker for the 11th successive session. https://epaper.brecorder.com/2023/01/05/1-page/951650-news.html 1 Business Recorder
8. Stocks end on negative note Pakistan Stock Exchange on Wednesday witnessed mixed trend and closed on negative note due to investor lack of interest on their concerns over economic and political situation in the country. https://epaper.brecorder.com/2023/01/05/1-page/951644-news.html 1 Business Recorder
9. Reassessing MDR There is a minimum deposit rate (MDR) on the savings deposits of banks. https://epaper.brecorder.com/2023/01/05/2-page/951653-news.html 2 Business Recorder
10. OMC sales – downtrend across products There has been a visible downward streak in the petroleum consumption in the country. https://epaper.brecorder.com/2023/01/05/2-page/951655-news.html 2 Business Recorder
11. Between a rock and a hard place Be careful what you wish for! https://epaper.brecorder.com/2023/01/05/2-page/951654-news.html 2 Business Recorder
12. Gap between inter-bank and ‘open’ market rates on FCY transactions widens to over Rs24 Customers using their cards (debit or credit) to conduct foreign currency transactions will have to be vigilant as the gap between the central bank-quoted inter-bank and ‘open-market’ US dollar rates has widened by over Rs24, highlighting the difference in how the greenback is being valued in two formal marketplaces in Pakistan. https://epaper.brecorder.com/2023/01/05/2-page/951657-news.html 2 Business Recorder
13. Cement despatches decline by 20.73pc in six months Total cement despatches (domestic and exports) during the first six months of the current financial year stood at 21.764 million tons against 27.456 million tons of the corresponding period of the last fiscal thus showing a decline of 20.73 percent. https://www.brecorder.com/news/40218477 3 Business Recorder
14. In bid to enhance recovery, FBR speeds up issuing of notices to taxpayers The Federal Board of Revenue (FBR) has sped up issuing of notices to taxpayers to enhance recovery efforts in a situation when all the industrial sectors are bleeding due to internal and external pressures, said sources. https://www.brecorder.com/news/40218478/in-bid-to-enhance-recovery-fbr-speeds-up-issuing-of-notices-to-taxpayers 3 Business Recorder
15. Spot rate gains Rs500 amid modest activity The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 500 per maund and closed it at Rs 17,500 per maund. https://epaper.brecorder.com/2023/01/05/4-page/951670-news.html 4 Business Recorder
16. Power bills FBR collects double income tax in Karachi Despite being victimized by dilapidated road infrastructure, high air pollution, gas shortage, ever-increasing street crime, unemployment, etc, Karachi is the only city where the Federal Board of Revenue (FBR) is collecting double income tax on electricity bills. https://epaper.brecorder.com/2023/01/05/7-page/951706-news.html 7 Business Recorder
17. Gold prices hit new historic highs Gold prices on Wednesday continued to hit the new historic highs on the local market, traders said. https://epaper.brecorder.com/2023/01/05/7-page/951703-news.html 7 Business Recorder
18. Markets refuse to close early under govt’s energy conservation plan Markets in major cities on Wednesday spurned a new government directive to shut early under an energy conservation drive, in a blow to the cash-strapped country’s plans to curtail energy imports amidst an economic crisis. https://epaper.brecorder.com/2023/01/05/12-page/951723-news.html 12 Business Recorder
19. RTO teams start registering small traders The special teams of the Regional Tax Office (RTO) of Islamabad have started visiting markets in posh sectors to register shopkeepers and small retailers with the Federal Board of Revenue (FBR). https://epaper.brecorder.com/2023/01/05/12-page/951722-news.html 12 Business Recorder
20. Tax demand in respect of Q2 2022 advance tax IHC sets aside order of DC IR Islamabad The Islamabad High Court (IHC) set aside the order of Deputy Commissioner Inland Revenue, Islamabad creating tax demand in respect of advance tax of 2nd quarter of the tax year 2022 on National Highways Authority (NHA) under Section 147 Income Tax Ordinance, 2001. https://epaper.brecorder.com/2023/01/05/12-page/951719-news.html 12 Business Recorder
21. RTO teams start registering small traders The special teams of the Regional Tax Office (RTO) of Islamabad have started visiting markets in posh sectors to register shopkeepers and small retailers with the Federal Board of Revenue (FBR). https://epaper.brecorder.com/2023/01/05/12-page/951722-news.html 12 Business Recorder
22. Atta, chicken rates soar amid no sign of let-up An uncontrollable upward trend in prices of wheat flour and chicken has left consumers high and dry as rates witnessed a fresh jump over the last few days. https://epaper.dawn.com/DetailImage.php?StoryImage=05_01_2023_009_005 9 Dawn
23. Trade deficit falls, still at $17.13bn in 1HFY23 No macro indicator of the economy shows positive signs particularly on the external front as the trade deficit in the first half of the current fiscal year FY23 remained at $17.13 billion. https://epaper.dawn.com/DetailImage.php?StoryImage=05_01_2023_009_003 9 Dawn
24. Early closures to squeeze delivery riders` income The recently announced energy conservation measures may turn into an occupational nightmare for thousands of riders engaged in the food and grocery delivery business nationwide. https://epaper.dawn.com/DetailImage.php?StoryImage=05_01_2023_009_006 9 Dawn
25. Ecnec clears 10 projects worth Rs472bn The Executive Committee of the National Economic Council (Ecnec) on Wednesday approved 10 development projects, mostly related to the rehabilitation and reconstruction of flood-hit areas and pre-poll public support, with an estimated cost of about Rs472 billion. https://epaper.dawn.com/DetailImage.php?StoryImage=05_01_2023_009_007 9 Dawn
26. Fintech raises $1.5m in seed funding Online tax-filing portal Befiler has raised $1.5 million in seed funding from international and local investors, a press release said on Wednesday. https://epaper.dawn.com/DetailImage.php?StoryImage=05_01_2023_009_008 9 Dawn
27. Gold hits new peak Domestic one-tola and 10-gram gold rates hit a new all-time high of Rs188,600 and Rs161,694 posting a jump of Rs900 and Rs772, respectively, on Wednesday. https://epaper.dawn.com/DetailImage.php?StoryImage=05_01_2023_009_004 9 Dawn
  Editorial News    
28. The moment of reckoning is upon us The National Security Committee meeting had a two-point agenda: the state of the economy and the rise in terror-related incidents in the country. https://epaper.brecorder.com/2023/01/05/6-page/951694-news.html 6 Business Recorder
29. Slim chance of Asian equities rebounding 2022 turned out to be an annus horribilis for Asian equities as an uber-hawkish Fed and unrelenting dollar strength triggered the worst bloodbath in regional stock markets since 2008. https://epaper.brecorder.com/2023/01/05/6-page/951696-news.html 6 Business Recorder
30. Saving energy THE government appears to have managed to salvage a sliver of its dignity by finally securing cabinet approval for the `bold` energy conservation plan from last June that it recently recycled.  https://epaper.dawn.com/DetailImage.php?StoryImage=05_01_2023_006_001 6 Dawn
31. Currency exchange rates Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   236.00 303.00 266.00 41.00 67.00
5 Business Recorder
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